China Boosts Gold Reserves with Largest Monthly Purchase Since October 2023

China's central bank added 20.2 metric tons of gold to its reserves in August, marking its largest monthly purchase since October 2023.

The People's Bank of China (PBOC) acquired a total of 650,000 ounces of gold, which is equivalent to the precious metal's best monthly gain since January.

The purchases came amid a strong month for gold, with prices rising by around 10% in August. This surge was driven in part by concerns over inflation and a weaker dollar, fueling investors' interest in stores of value such as gold and Bitcoin (BTC).